Rural Housing Loans in Kentukcy Zero Down Home Loans


Zero  Down Payment home loans still exist….Please read this article about them:

What are USDA Home Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, ENG Lending’s USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and no monthly mortgage insurance.

What Types of Loans does USDA offer in Kentucky?

Currently, there are two kinds of USDA Home Loans available in Kentucky for single family households:

USDA Guaranteed Rural Housing Loans

USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Kentucky and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate.

What factors determine if I am eligible for a USDA Loan in Kentucky?

To be eligible for A USDA Rural Loan in Kentucky, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

What is the maximum amount that I can borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much money will I need for the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed for USDA Rural Loan Mortgages?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

Additional offers from other lenders.

Kentucky USDA Loan Adjusted Maximum Income Limits by County

Updated 05/01/2009 County Name 1-4 Person Households

(Guaranteed Loans) 5-8 Person Households

(Guaranteed Loans)

NON-METRO ADAIR $73,600 $97,150

NON-METRO ALLEN $73,600 $97,150

FRANKFORT, KY (MICRO) ANDERSON $73,600 $97,150

PADUCAH, KY-IL (MICRO) BALLARD $73,600 $97,150

GLASGOW, KY (MICRO) BARREN $73,600 $97,150

MOUNT STERLING, KY (MICRO) BATH $73,600 $97,150

MIDDLESBOROUGH, KY (MICRO) BELL $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BOONE $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) BOURBON $73,600 $97,150

HUNTINGTON-ASHLAND, WV-KY-OH (MSA) BOYD $73,600 $97,150

DANVILLE, KY (MICRO) BOYLE $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BRACKEN $73,600 $97,150

NON-METRO BREATHITT $73,600 $97,150

NON-METRO BRECKINRIDGE $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) BULLITT $73,600 $97,150

NON-METRO BUTLER $73,600 $97,150

NON-METRO CALDWELL $73,600 $97,150

MURRAY, KY (MICRO) CALLOWAY $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) CAMPBELL $73,600 $97,150

NON-METRO CARLISLE $73,600 $97,150

NON-METRO CARROLL $73,600 $97,150

NON-METRO CARTER $73,600 $97,150

NON-METRO CASEY $73,600 $97,150

CLARKSVILLE, TN-KY (MSA) CHRISTIAN $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) CLARK $73,600 $97,150

NON-METRO CLAY $73,600 $97,150

NON-METRO CLINTON $73,600 $97,150

NON-METRO CRITTENDEN $73,600 $97,150

NON-METRO CUMBERLAND $73,600 $97,150

OWENSBORO, KY (MSA) DAVIESS $73,600 $97,150

BOWLING GREEN, KY (MSA) EDMONSON $73,600 $97,150

NON-METRO ELLIOTT $73,600 $97,150

NON-METRO ESTILL $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) FAYETTE $73,600 $97,150

NON-METRO FLEMING $73,600 $97,150

NON-METRO FLOYD $73,600 $97,150

FRANKFORT, KY (MICRO) FRANKLIN $73,600 $97,150

UNION CITY, TN-KY (MICRO) FULTON $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GALLATIN $73,600 $97,150

NON-METRO GARRARD $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) GRANT $73,600 $97,150

MAYFIELD, KY (MICRO) GRAVES $73,600 $97,150

NON-METRO GRAYSON $73,600 $97,150

NON-METRO GREEN $73,600 $97,150

HUNTINGTON-ASHLAND, WV-KY-OH (MSA) GREENUP $73,600 $97,150

OWENSBORO, KY (MSA) HANCOCK $73,600 $97,150

ELIZABETHTOWN, KY (MSA) HARDIN $73,600 $97,150

NON-METRO HARLAN $73,600 $97,150

NON-METRO HARRISON $73,600 $97,150

NON-METRO HART $73,600 $97,150

EVANSVILLE, IN-KY (MSA) HENDERSON $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) HENRY $73,600 $97,150

NON-METRO HICKMAN $73,600 $97,150

MADISONVILLE, KY (MICRO) HOPKINS $73,600 $97,150

NON-METRO JACKSON $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) JEFFERSON $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) JESSAMINE $73,600 $97,150

NON-METRO JOHNSON $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) KENTON $73,600 $97,150

NON-METRO KNOTT $73,600 $97,150

NON-METRO KNOX $73,600 $97,150

ELIZABETHTOWN, KY (MSA) LARUE $73,600 $97,150

LONDON, KY (MICRO) LAUREL $73,600 $97,150

NON-METRO LAWRENCE $73,600 $97,150

NON-METRO LEE $73,600 $97,150

NON-METRO LESLIE $73,600 $97,150

NON-METRO LETCHER $73,600 $97,150

MAYSVILLE, KY (MICRO) LEWIS $73,600 $97,150

DANVILLE, KY (MICRO) LINCOLN $73,600 $97,150

PADUCAH, KY-IL (MICRO) LIVINGSTON $73,600 $97,150

NON-METRO LOGAN $73,600 $97,150

NON-METRO LYON $73,600 $97,150

RICHMOND-BEREA, KY (MICRO) MADISON $73,600 $97,150

NON-METRO MAGOFFIN $73,600 $97,150

NON-METRO MARION $73,600 $97,150

NON-METRO MARSHALL $73,600 $97,150

NON-METRO MARTIN $73,600 $97,150

MAYSVILLE, KY (MICRO) MASON $73,600 $97,150

PADUCAH, KY-IL (MICRO) MCCRACKEN $73,600 $97,150

NON-METRO MCCREARY $73,600 $97,150

OWENSBORO, KY (MSA) MCLEAN $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) MEADE $73,600 $97,150

MOUNT STERLING, KY (MICRO) MENIFEE $73,600 $97,150

NON-METRO MERCER $73,600 $97,150

GLASGOW, KY (MICRO) METCALFE $73,600 $97,150

NON-METRO MONROE $73,600 $97,150

MOUNT STERLING, KY (MICRO) MONTGOMERY $73,600 $97,150

NON-METRO MORGAN $73,600 $97,150

CENTRAL CITY, KY (MICRO) MUHLENBERG $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) NELSON $73,600 $97,150

NON-METRO NICHOLAS $73,600 $97,150

NON-METRO OHIO $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) OLDHAM $73,600 $97,150

NON-METRO OWEN $73,600 $97,150

NON-METRO OWSLEY $73,600 $97,150

CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) PENDLETON $73,600 $97,150

NON-METRO PERRY $73,600 $97,150

NON-METRO PIKE $73,600 $97,150

NON-METRO POWELL $73,600 $97,150

SOMERSET, KY (MICRO) PULASKI $73,600 $97,150

NON-METRO ROBERTSON $73,600 $97,150

RICHMOND-BEREA, KY (MICRO) ROCKCASTLE $73,600 $97,150

NON-METRO ROWAN $73,600 $97,150

NON-METRO RUSSELL $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) SCOTT $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SHELBY $73,600 $97,150

NON-METRO SIMPSON $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) SPENCER $73,600 $97,150

CAMPBELLSVILLE, KY (MICRO) TAYLOR $73,600 $97,150

NON-METRO TODD $73,600 $97,150

CLARKSVILLE, TN-KY (MSA) TRIGG $73,600 $97,150

LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) TRIMBLE $73,600 $97,150

NON-METRO UNION $73,600 $97,150

BOWLING GREEN, KY (MSA) WARREN $73,600 $97,150

NON-METRO WASHINGTON $73,600 $97,150

NON-METRO WAYNE $73,600 $97,150

EVANSVILLE, IN-KY (MSA) WEBSTER $73,600 $97,150

CORBIN, KY (MICRO) WHITLEY $73,600 $97,150

NON-METRO WOLFE $73,600 $97,150

LEXINGTON-FAYETTE, KY (MSA) WOODFORD $73,600 $97,150

We lend in all of Kentucky’s top cities:

Louisville Kentucky USDA Loans Lexington Kentucky USDA Loans Fayette Kentucky USDA Loans

Owensboro Kentucky USDA Loans Bowling Green Kentucky USDA Loans Florence Kentucky USDA Loans

Paduca Kentucky USDA Loans Richmond Kentucky USDA Loans Elizabethtown Kentucky USDA Loans

Call  us today at 502-905-3708 or email us at kentuckyloan@gmail.com with your questions…Free credit report and pre approvals within 1 hour.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s